Loans

Agricultural Loans

This refers to loans which meet the qualification for agriculture enterprise or granted to a farmer or to a duly registered cooperative owning or cultivating as tenants, lessee, etc of land dedicated to agricultural production, which tcan be used to finance assets such as machinery, equipment, breeding livestock and improvements, etc.  It may be availed thru short-term to long term loans depending on borrowers’ needs and capacity to pay, The amount of loans depends on the collateral presented or pledge and results of the CIBI/stock Inventory.

Commercial Loans

This is a loan extended to assist individual/company on funding for basic operational functions, such as purchasing supplies and new machinery that is directly connected to the operation of the business.  It may be availed thru short-term to long term loans depending on the needs and capacity to pay of the borrowers and the collateral that he/she will be using as security.

Industrial Loans

This loan may be granted on expenses for labor to manufacture goods that are in demand, readily salable, have a quick turnover, and considered as necessities or semi-necessities or essentials or semi-essentials, purchase of raw materials to manufacture or process these goods, and marketing are goods.  The amount of loan shall depend on the actual needs and viability of the project amount applied for and paying capacity of the applicant.

It caters to an operator of an essential rural industry or enterprise (irrespective of amount of capital investment) which produces goods ordinarily purchased by the low-income groups and is useful or necessary in their daily economic activities.

Small-Medium Enterprise Loans

This is a multi-purpose loan granted to small and medium enterprises which can be used for additional working capital or acquisition of fixed asset that can be tailored to meet one’s business and financial requirements and whose total assets must have a value falling under the following categories:

Micro: up to P3,000,000.00
Small:  P3,000,000.01-P15,000,000.00
Medium: P15,000,000.01- P100,000,000

Salary Loans

Salary loans are available to eligible/regular/permanent employees of both government and private institutions for personal or business use or home improvement, unsecured (collateral free), to be repaid through weekly, semi-monthly or monthly payroll deduction, and which have established a Memorandum of Agreement (MOA) for salary loans with RBMI can apply for this loan.

Note:
Loans/Receivables payable in installments – the Total outstanding balance thereof shall be considered PAST DUE in accordance with the following schedule:

Mode of payment.   Minimum No. of Installmenst in arrears
Monthly.                     3
Quarterly.                    1
Semestral.                   1
Annual.                        1

The above schedule applies on :
1. Amortization on principal
2. Amortization on interest only but lump sum payment on principal (with 10% reduction on principal upon renewal of the loan)
3. Amortization on principal and interest

Requirement in applying loans:

1. Fill-up the application form and Promissory Notes that will be given by the Loan Representative
2. Transfer Certificate of Title
3. Tax Declaration
4. Tax Clearance
5. Tax Receipt – Latest/updated
6. Barangay Clearance
7. Location Plan
8. 2 valid Identification with pictures
9. 2 pcs 2×2 picture 2 pcs 2×2 picture taken not more than 6 months from the date of application.
10. 2 pcs 2×2 picure of spouse (if married) taken not more than 6 months from date of application.
11. Annual Income Tax (for small business or corporate loan)
12. Financial Statements (for small business or corporate loan)
13. Payslips (for Salary loans or MOA)
14. Proof of Billing
15. Picture of the property (for Title with Building or House)
16. Co-Maker Identification with picture
17. Inventory of stocks (updated, for sari-sari store or mini grocery)
18. Special Power of Attorney (if needed)
19. Other documents are to be asked, if needed.

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